During NY appraisals, facts lead to estimations

Those who have never been involved with nitty-gritty of NY appraisals, often think that appraisals are subjective opinions of the appraisers. However, we’d like to clarify an important point here. NY appraisals follow established techniques and they are much more than just opinions. In fact, an appraisal report that is generated and presented is based upon specific facts. An appraiser has knowledge of various appraisal methodologies and is requisitely skilled to apply these procedures.

Property values are estimated based upon factual details like the sale prices of recently traded properties. In this case, comparable properties in a particular area are considered. Likewise, the appraisers also work out the replacement cost of the property.

In this process, they calculate the expenses that will be incurred if the property is built from scratch. So again, findings are supported with calculations. In a similar pattern, other factual details like capitalization rates, rental rates, etc., are noted. But if all calculations are based upon data and facts, why do the appraisal reports vary?

Appraisal reports tend to vary because often, it is difficult to find as much relevant data. In absence of desired information, calculative adjustments are made. Result disparity arises of account of varying assumptions as made by different appraisers. Thus, while an appraisal report for the same property could differ from a report generated by another NY appraiser, it is not essential that either of them is wrong. But then how should one decide if an appraisal report is credible. The findings of appraisal reports vary as per the purpose and to confirm its authenticity, court considers the format of an appraisal report. Additionally, hiring a skilled and reputed appraiser in NY can solve this problem.

Our Appraisal Firm Has Been Featured In:

"These guys gave me exactly what I needed - a true fair market value. I was looking to list my
home for sale and realized that brokers & online sites like zillow were giving me different figures for my property. I called up Homeland and they told me that they will appraise it as if they were appraising it for a bank. They said that this way it would reflect the true value of a home as it would be what a bank is willing to lend on. Lo and behold their appraisal came in at exactly the same amount the bank's appraiser came in for the mortgage loan. If you want a true unbiased opinion of value, call these guys up - they definitely know what they're doing."

James Fontana - Brooklyn, NY

"It was such a pleasure working with Homeland; they were very flexible with their scheduling and fulfilled their promise of a 24-Hr Turnaround! (They saved me from my procastination!) The appraisal was for tax grievance purposes and it eventually helped me to significantly reduce my property taxes. Their certified appraisal met all the requirements set forth by the town. I would highly recommend them in the future!"

Stacey Fanara - Bronx, NY

"I used this company to help settle my Father's estate. They knew what I needed even before
I had a chance to explain. They provided me with a certified retrospective appraisal dated at the date of passing and were very professional throughout the whole process. I recommended them to my neighbor who was thinking of listing her home and she was very satisfied as well. Call these guys up, you can't go wrong."